Karachi, December 16, 2025 — Jazz International Holding Limited has officially been confirmed as the new acquirer of shares and control of TPL Insurance Limited, replacing the previously announced VEON Group Holding Company Ltd and its affiliates.
The announcement was made by Arif Habib Limited (AHL), the manager to the offer, through an addendum to a public announcement submitted to the Pakistan Stock Exchange (PSX) on Tuesday.
“The acquirer has been confirmed as Jazz International Holding Limited, replacing VEON Group Holding Company Ltd and/or its affiliated entities for acquisition of shares and control of the target company, with Pakistan Mobile Communications Limited acting as persons in concert (PAC),” AHL stated.
Earlier in September, TPL Corp Limited’s Board of Directors had granted in-principle approval for VEON Group Holding Company Ltd, a subsidiary of Nasdaq-listed VEON Ltd, to acquire shares and control of TPL Insurance Limited. Jazz International Holding Limited, also a VEON subsidiary, now formally takes over, while VEON Group remains the ultimate beneficial owner.
TPL Corp Limited is the majority shareholder in TPL Insurance with a 52.87% stake, followed by the Finnish Fund for Industrial Cooperation Ltd at 17.02% and Entwicklungsgesellschaft MBH at 15.87%. The insurer has a paid-up capital of 198.39 million shares.
Financially, TPL Insurance reported total assets of Rs8.46 billion as of June 30, 2025, with shareholders’ equity of Rs2.68 billion. The company recorded a loss of Rs12 million in the first half of 2025, compared to a profit of Rs72 million in 2024.
VEON Group, headquartered in Dubai, operates in five countries, including Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. In Pakistan, VEON’s operations are led through Pakistan Mobile Communications Limited (Jazz), the country’s largest mobile operator with over 70 million subscribers.
This acquisition positions Jazz to strengthen its financial services portfolio in Pakistan while consolidating VEON Group’s presence in the insurance and telecom sectors.